Renting In Sydney
Rental tenants in Sydney should be ready for rental increases come this year. Landlords for the last couple of years have experienced record low interest rates, with median rental prices rising by only $10/week a report by SMH has discovered. With less justification to pass on costs, renters have enjoyed a reprisal from price hikes. Coupled with job losses, uncertainty in the workforce along with the Governments First Home Owner Grants pulling in new prospects, landlords have stay put. Now with all of the above factors subsiding, the Government’s FHOG ending, the economy bouncing back strong and 3 consecutive interest rate hikes already with more forecasted, tenants need to be aware and ready that rental increases are inevitable.
Simon Reibelt from Oasis Home Loans Northern Beaches agreed with the points raised by SMH and stated the tenants needed to be informed and aware of the economy’s position as it will cause rents to rise.